Argus analyst Stephen Biggar raised the firm’s price target on Fifth Third to $46 from $42 and keeps a Buy rating on the shares. The company’s adjusted Q2 EPS of 86c topped consensus, while its management believes that both net interest income and the net interest margin have troughed in the current cycle, the analyst tells investors in a research note. After lowering its risk-weighted assets to meet target regulatory ratios, Fifth Third has aso resumed repurchases in Q2 and plans to accelerate the amount in the second half of the year, the firm added.
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- Fifth Third sees Q3 revenue up 1%-2% sequentially, consensus $2.18B
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